Core Viewpoint - The aviation equipment sector experienced a rise of 1.11% on October 28, with Tongyi Aerospace leading the gains, while the overall market indices showed a decline [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3988.22, down 0.22%, and the Shenzhen Component Index closed at 13430.1, down 0.44% [1]. - Key stocks in the aviation equipment sector showed significant gains, with Tongyi Aerospace rising by 6.00% to a closing price of 17.15 [1]. Group 2: Stock Performance - Notable performers included: - Filihua, which increased by 5.47% to 88.00, with a trading volume of 444,000 shares and a transaction value of 3.838 billion [1]. - Maixinlin, up 5.02% to 65.69, with a trading volume of 81,700 shares and a transaction value of 536 million [1]. - Chengxi Aviation, which rose by 4.91% to 17.31, with a trading volume of 430,300 shares and a transaction value of 739 million [1]. Group 3: Capital Flow - The aviation equipment sector saw a net inflow of 308 million from institutional investors, while retail investors experienced a net outflow of 360 million [2][3]. - Key stocks with significant capital inflows included: - Filihua with a net inflow of 318 million, accounting for 8.30% of its trading volume [3]. - Zhonghang Shenfei with a net inflow of 284 million, representing 11.17% of its trading volume [3].

证券代码：600038 证券简称：中直股份 公告编号：2025-045 中航直升机股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 单位：万元 | 受托方名称 | 产品类型 | 产品名称 | 购买金 | 赎回金 | 起始日期 | 终止日期 | 期限 | 实际年化 | 实际收 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 额 | 额 | | | | 收益率 | 益额 | | 华夏银行 | 保本浮动收 益型产品 | 结构性存款 | 50,000 | 50,000 | 2025/7/24 | 2025/10/27 | 95 日 | 2.08% | 270.68 | | | 合计 | | 50,000 | 50,000 | -- | -- | -- | -- | 270.68 | - 1 - 截至本公告披露日，以上产品已全部赎回，并已将本金及收到的利息收入归 还至募集资金专户 ...

Investment Rating - The report provides a strong recommendation for several companies in the military industry, indicating a positive outlook for their stock performance [9]. Core Insights - The recent Fourth Plenary Session of the 20th Central Committee emphasized new goals for national defense capabilities, including the enhancement of "national defense strength" and "international influence" [21]. - The report highlights the aerospace sector as a key focus area for military investment, particularly in the context of the newly stated goal of becoming a "space power" [21]. - Upcoming quarterly reports are expected to show a turning point in industry performance, with several companies already reporting significant year-on-year revenue and profit growth [24]. Industry Overview - The military industry consists of 118 listed companies with a total market capitalization of 2,092.9 billion and a circulating market value of 1,736.7 billion [4]. - The SW National Defense and Military Industry Index has shown a performance increase of 16.47% year-to-date, although it has underperformed compared to the CSI 300 Index by 1.97% [12][20]. - The industry is currently valued at a PE (TTM) of 85.77 times, with a five-year percentile of 78.63% [20]. Key Events - The Fourth Plenary Session concluded with new national defense goals, including a focus on high-quality military modernization and the integration of advanced combat capabilities [21]. - The report notes that the aerospace equipment sector has been particularly responsive to the recent policy announcements, showing strong performance [16][21]. Performance Summary - The report identifies several companies with notable performance, including North Navigation with a revenue increase of 210% and a net profit increase of 268.8% [25]. - The top-performing stocks in the military sector include North Shares (+25.20%) and Feili Hua (+17.92%) [19].

Group 1 - The commercial aerospace sector is experiencing a surge, with significant stock price increases for companies like China Satellite, Shanghai Hanxun, and Aerospace Electronics, leading to a rise in aerospace ETFs [1] - A major conference has prioritized technological self-reliance and highlighted the goal of becoming a "strong aerospace nation," further elevating the status of commercial aerospace [1] - The conference also emphasized the modernization of national defense and military, indicating a strategic focus on emerging industries such as commercial aerospace, low-altitude economy, unmanned equipment, and deep-sea information technology as future directions for the military industry [1] Group 2 - The low-altitude economy is gaining attention, with the General Aviation ETF showing a 2.06% increase, focusing on companies involved in the development of general aviation aircraft and drones [2] - Key companies in the low-altitude economy include Wan Feng Ao Wei, Hongdu Aviation, Aerospace Rainbow, and AVIC Helicopter, which are engaged in various aspects of general aviation and drone technology [2]

Market Overview - The aviation equipment sector rose by 0.91% on October 21, with Filihua leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance - Filihua (300395) saw a significant increase of 14.17%, closing at 80.50 with a trading volume of 426,500 shares [1] - Other notable performers included Hangxin Technology (300424) with a 6.02% increase, and Hangyu Technology (688239) with a 4.42% increase [1] - The table below summarizes the performance of key stocks in the aviation equipment sector: | Code | Name | Closing Price | Change (%) | Volume (thousand) | |--------|--------------|---------------|------------|-------------------| | 300395 | Filihua | 80.50 | 14.17 | 426.5 | | 300424 | Hangxin Tech | 17.79 | 6.02 | 248.6 | | 688239 | Hangyu Tech | 43.67 | 4.42 | 48.3 | | 920642 | Tongyi Aerospace | 14.97 | 2.46 | 20.1 | | 002297 | Boyun New Material | 9.00 | 2.39 | 471.7 | | 603261 | *ST Lihang | 21.10 | 2.23 | 12.5 | | 300034 | Steel Research | 16.38 | 2.12 | 120.9 | | 920006 | Shengcao Technology | 27.85 | 1.94 | 11.3 | | 688287 | *ST Guandian | 4.78 | 1.92 | 14.9 | | 002625 | Guangqi Technology | 46.78 | 1.92 | 189.7 | [1] Capital Flow - The aviation equipment sector experienced a net inflow of 601 million yuan from institutional investors, while retail investors saw a net outflow of 454 million yuan [2] - The following table outlines the capital flow for key stocks: | Code | Name | Institutional Net Inflow (yuan) | Institutional Net Ratio | Retail Net Inflow (yuan) | Retail Net Ratio | |--------|--------------|----------------------------------|-------------------------|--------------------------|------------------| | 300395 | Filihua | 439 million | 13.32% | -83.56 million | -10.78% | | 688122 | Western Superconductor | 92.06 million | 7.09% | -36.26 million | -4.30% | | 300424 | Hangxin Tech | 54.02 million | 12.49% | -798,450 | -10.64% | | 600893 | Aero Engine | 47.64 million | 7.85% | 390,730 | -8.50% | | 688237 | Superlative Aerospace | 28.34 million | 18.13% | 530,500 | -21.53% | [3]

Investment Rating - The report maintains a "strongly recommend" rating for several key companies in the military industry, including 中航西飞, 中航光电, 航天彩虹, and others [10]. Core Insights - The military industry is experiencing a significant rebound, with the SW National Defense Military Index increasing by 13.28% year-to-date as of October 17, 2025, although it has underperformed compared to the CSI 300 Index [14][20]. - Key events include the successful launches of two major commercial satellite constellations, which are expected to enhance the industry's growth potential [22][24]. - The upcoming 20th Central Committee's Fourth Plenary Session from October 20 to 23, 2025, is anticipated to outline new directions for the military industry, particularly in unmanned, intelligent, and systematic combat equipment [24]. Summary by Sections Market Review - The military industry has shown a decline of 4.70% in the SW National Defense Military Index this week, underperforming the CSI 300 Index by 2.48 percentage points [14]. - The overall industry has ranked 16th among 31 sub-industries in terms of performance [14]. Key Events - The report highlights the recent launches of the 星网 and 千帆 satellite constellations, with 星网 completing five launches in 21 days and 千帆 planning to accelerate its launch schedule significantly [22][23]. Catalysts - The report emphasizes the importance of the upcoming 20th Central Committee's Fourth Plenary Session, which will focus on the 15th Five-Year Plan and its implications for the military industry [24]. Company Performance - The report lists several companies with strong performance expectations, including 中航沈飞, 中航西飞, and 航发动力, all rated as "strongly recommend" [10]. - The report also notes the financial metrics of these companies, indicating a robust outlook for their earnings per share (EPS) and price-to-earnings (PE) ratios [10]. Industry Valuation - The military industry maintains a high valuation, with the current PE ratio at 83.33 times earnings, reflecting strong investor interest despite recent market fluctuations [20].

Core Insights - The defense and military industry index experienced a decline of -4.70% over the past week, ranking 23rd out of 31 in the Shenwan primary industry [7][41] - The current PE-TTM for the defense and military industry is 83.33, which is at the 76.67 percentile compared to the past decade, indicating a relatively high valuation level [12][15] - The report highlights significant individual stock performances, with North China Long Dragon leading with an increase of 8.71% over the past week, while Guorui Technology saw a decline of -14.00% [17][41] Industry and Stock Market Review - The defense and military industry index has shown a decline of -1.92% over the past month, ranking 11th out of 31 [9][41] - Over the past year, the industry index has increased by 16.91%, ranking 19th out of 31 [3][41] - The trading volume for the defense and military industry reached 310.8 billion yuan this week, a year-on-year decrease of -8.63% but a week-on-week increase of +128.08% [31][34] Important Company Announcements - The report includes various significant announcements from companies in the defense sector, such as strategic cooperation agreements and stock repurchase plans [38] Industry News - Indonesia confirmed its plan to purchase Chinese-made J-10 fighter jets, with a defense budget of at least 9 billion USD approved [40][41] - Successful launches of low-orbit satellite internet groups and the sixth batch of the Qianfan constellation were reported, indicating advancements in commercial aerospace [40][42] Investment Recommendations - The report suggests focusing on key investment themes such as military trade, commercial aerospace, unmanned equipment, military AI, and low-altitude economy [43]

Core Viewpoint - The 7th China Helicopter Expo will be held from October 16 to 19 in Tianjin, showcasing the "Purple Fire" future aircraft concept for the first time by AVIC and AVIC Helicopter [1] Group 1: Event Highlights - The expo will feature a comprehensive display of helicopter products, emphasizing the strength of the industry and showcasing innovations in both helicopter and low-altitude economy sectors [1] - The main exhibition will focus on five modules: "System Warfare," "Emergency Rescue," "Scientific Research Innovation," "System Support," and "Comprehensive Services," highlighting advanced design, manufacturing, and integrated service capabilities [1] - A total of 52 aircraft will be exhibited, including 38 helicopters, with notable models such as the Army Z-10, Z-19, Z-20/20T (first flight display of Z-20 assault helicopter), Z-8L, and various drones [1] Group 2: Business Development - The company is enhancing its helicopter business while expanding into the civil aviation sector and pursuing breakthroughs in military trade [2] - In the first half of the year, the company made steady progress in product and technology development, with the 13-ton AC313A helicopter completing modifications and resuming flight in June [2] - The company has formed a market development team to explore the civil aviation market and low-altitude economy, resulting in new orders for three AC311A helicopters and collaboration on eleven AC311A procurement evaluations [2] Group 3: Military Trade and Financial Performance - Pakistan's military has integrated the Chinese-made Z-10ME armed helicopter into its aviation forces, marking a significant step in defense modernization [3] - The company reported stable revenue growth in the first half of 2025, achieving operating income of 10.241 billion yuan (+25.28%) and a net profit of 282 million yuan (-5.12%) [3] - The company's gross profit margin for the first half of 2025 was 6.28% (-6.82 percentage points), with a net profit margin of 2.31% (-1.27 percentage points) [4] Group 4: Profitability Forecast - The company is positioned as a leading supplier of helicopters and components in China, capitalizing on military trade and low-altitude economic opportunities [4] - Projected net profits for 2025-2027 are 681 million yuan, 828 million yuan, and 987 million yuan, with corresponding EPS of 0.83, 1.01, and 1.20 yuan, and PE ratios of 45.74, 37.64, and 31.56 [4]

Core Insights - The aviation equipment sector experienced a decline of 1.03% on October 16, with Zhongzhi Co. leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance Summary - Lijun Co. (002651) saw a closing price of 11.86, with an increase of 4.13% and a trading volume of 462,800 shares [1] - Zhongzhi Co. (600038) closed at 36.61, down 3.66%, with a trading volume of 191,500 shares [2] - The highest trading volume was recorded for Zhonghang Shenfei (600760) at 369,300 shares, closing at 67.14 with a 0.84% increase [1] Capital Flow Analysis - The aviation equipment sector had a net outflow of 785 million yuan from institutional investors, while retail investors saw a net inflow of 360 million yuan [2] - Major stocks like Zhonghang Shenfei (600760) had a net inflow of 78.74 million yuan from institutional investors, but a net outflow of 10.6 million yuan from retail investors [3] - Lijun Co. (002651) experienced a net inflow of 37.87 million yuan from institutional investors, with a net outflow of 11.77 million yuan from retail investors [3]

Core Viewpoint - The aviation equipment sector experienced a decline of 1.87% on October 14, with Jiachitech leading the drop. The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1]. Group 1: Market Performance - The aviation equipment sector saw significant individual stock movements, with Hangxin Technology rising by 4.01% to a closing price of 16.60, while Jiachitech fell by 6.54% to 68.65 [1][2]. - The trading volume for Hangxin Technology was 196,600 shares, with a transaction value of 326 million yuan, while Jiachitech had a trading volume of 17,700 shares and a transaction value of 124 million yuan [1][2]. Group 2: Capital Flow - The aviation equipment sector experienced a net outflow of 635 million yuan from institutional investors, while retail investors saw a net inflow of 126 million yuan [2]. - The capital flow data indicates that West Superconducting had a net inflow of 240 million yuan from institutional investors, while Jiachitech had a net inflow of 10 million yuan [3].